More Carnage in Mining Stocks

By Sam Mamudi

While gold’s and silver’s losses have eased since Monday — they’re down 1% and 2% today after gains yesterday — some notable stocks of precious metal miners continue to take a shellacking.

Among those suffering the most this week are Barrick Gold (ABX), down 20%, Hecla Mining (HL), which has fallen 17%, and Silver Wheaton (SLW), which has lost 16% since Monday’s open. Today, those stocks are down 4.2%, 5.2% and 6%, respectively.

The latest losses only compound what’s been a terrible six months for miners: Barrick and Hecla have lost nearly 50% in that period, while Silver Wheaton is down almost 40%; by contrast Newmont Mining (NEM) seems to have gotten off lightly, falling only 30%.

Of course, other metals miners have suffered too — not least Cliffs Natural Resources (CLF), down 55% year-to-date; the stock is off 62% in the past six months.

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APRIL 17, 2013 4:13 P.M.

eric gates wrote:

barrick gold was a $20 stock in march, 1998. AFTER a 15 year bull market in precious metals, it is a $17 stock. granted, inclusive of dividends, shareholders over this time frame are marginally in the black...but AGAIN...after the biggest bull market in gold in a generation, shareholders were not rewarded. these companies are managed by weasels for the benefit of employees. they are one notch above public-sector jobs' programs.

i hope ...the participants in next generation's bull market in metals is smart enough to buy when they are massively unloved...AND...simply buy the metals! don't fall for the wall street EPS leverage crapola.

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